Wells exits another consent order, leaving just the big one
The megabank, which has spent years trying to improve its regulatory compliance, now has just one consent order remaining. And observers expect that Wells’ historic asset cap will be lifted soon.
Amalgamated Bank execs discriminated, misused funds: Lawsuit
Three current and former employees of the New York City-based bank allege that executives made racist comments, misused corporate money and retaliated against protected complaints.
Obscure tax item in Trump’s big bill stokes Wall Street angst
The item calls for increasing tax rates for individuals and companies from countries whose tax policies the U.S. deems “discriminatory.” This includes raising tax rates on passive income, such as interest and dividends, earned by investors who are potentially sitting on trillions in American assets.
NJ bank likely to report loss after two office loans sour
Princeton Bancorp, which has $2.3 billion of assets, reported a sizable impairment charge tied to participation loans on a pair of office properties.
Fraud charges hit replacement cards, frustrating consumers
When a card gets canceled or expires, Visa, Mastercard and other networks send replacement information to merchants. This can be a problem for consumers.
4 obstacles banks face in getting a return on AI
Legacy core systems and the high cost of hiring people with artificial intelligence skills are among the factors getting in the way of big AI payoffs, experts say.
Trump, Powell discuss economic outlook at White House
The Federal Reserve chair said he made no commitments on the central bank’s next monetary policy adjustment, only that the decision would be made based on incoming data.
Musk departs White House, leaving CFPB in limbo
Elon Musk, formerly head of the Department of Government Efficiency, said he will officially leave the federal government after a short but tumultuous tenure. DOGE’s actions at the Consumer Financial Protection Bureau are being reviewed in federal court.
RBC braces for rocky economy, boosts loan-loss provisions
A jump in provisions dragged down the Royal Bank of Canada’s profits last quarter, driven by the bank’s fears of a potential tariff-driven recession.
Bank group urges OCC to leave state preemption unchanged
In a letter to the Office of the Comptroller of the Currency, the American Bankers Association rebuffed state regulators’ calls to rescind the agency’s broad state preemption rule, defending federal law’s supremacy in the dual banking system.